Justin Bieber sells music catalog to Hipgnosis
Justin Bieber finalized the sale of his music catalog to Hipgnosis on Tuesday, placing most of his music under the ownership of the U.K. investment firm.
The big picture: John Legend and Bruce Springsteen are among the high-profile music artists to have sold their music catalogs in recent days, but Bieber, 28, reportedly has secured the biggest sale of anyone in his generation.
Details: Hipgnosis acquired all of Bieber's interest in his publishing copyrights, master recordings and neighboring rights for his entire back catalog, which comprises over 290 titles released before Dec. 31, 2021.
- The financial terms were not disclosed but the deal is valued at an estimated $200 million, which is Hipgnosis' biggest acquisition to date, per multiple reports.
What they're saying: "This acquisition ranks among the biggest deals ever made for an artist under the age of 70, such is the power of this incredible catalogue that has almost 82 million monthly listeners and over 30 billion streams on Spotify alone," Hipgnosis Song Management founder and CEO Merck Mercuriadis said in a statement.
- Bieber's longtime manager Scooter Braun said in a statement, "Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal."
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